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worth $1.3 billion, it said on Monday, as weakening demand and lofty costs tighten a cash crunch around electrical vehicle makers.
Initial investors will get an option to buy an additional $200 million of the bonds for settlement 13 days after the bonds are issued, Rivian said in a statement. The capital from this offering will help facilitate the launch of Rivian's smaller R2 vehicle family, a Rivian spokesperson told Reuters, adding that convertible debt was"optimal cost of capital versus selling equity at today's levels.
Rivian said the bonds would be"green" ones, which typically offer companies the chance to raise debt more cheaply from investors who are willing to take lower returns in exchange for supporting green projects. Rivian's bond will mature in March 2029 and investors will have the option to convert the bonds into cash or shares in the EV maker.Dick's Sporting Goods store, Cherry Hill, N.J., Jan. 8, 2023
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